Market Roundup

Market Roundup

US stocks fell last night, and the Hang Seng Index bottomed out again today. The Hang Seng Index opened 64 points lower at 17,267 points. The half-day decline expanded to 179 points, or 1%, to 17,151 points. The H-Share Index fell 80 points, or 1.3%, to 5,869 points. The Hang Seng Technology Index fell 65 points, or 1.7%, reported 3,752 points. The market turnover was HK$ 31.5 bn. The strength of the U.S. dollar continues to affect commodity stocks. PetroChina (857) and CNOOC (883) fell 2.7% and 1.9% respectively. In addition, HK property stocks rose against the trend, with SHKP (16) and New World Development (17) rebound 2.2% and 3% respectively.

Source: KGI Asia Investment Strategy

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